The Luxury Industry Online
Luxury is not a necessity and for this reason it is considered a market that is only available to the rich or for purposes of spoiling someone on a special occasion. Those in the luxury industry have a responsibility to those that may not have access to thousands of dollars for a treatment. They have to promote their special deals in a way that can be seen by every person that may truly want these products and services but can only afford them at promotional prices. If they do come for your promotional item, they may enjoy it so much that they are willing to fork out a bit more cash in future to make it possible to enjoy it again.
The luxury industry is considered less than what it was in previous years with some areas reporting a decline in sales.
The Luxury Market Today
- People love wearable tech. All of the richest people in the world have expressed their appreciation of their wearable gadgets. These gadgets include things like the Apple watch. The best thing about this is that we haven’t even scratched the surface of what can be done with tech these days. What the future hold for the industry in this regard is impossible to predict. Any brand name may invent the next must have wearable gadget the world may go crazy for.
- The users in the luxury industry is considered clever individuals that show a certain level of curiosity and know exactly what they want, if they see it. More and more companies use history, science, philosophy, art and geography to develop a story around their products because they have realized that they are dealing with a market that does not include brainless masses. This creates familiarity with the product to a market that loves knowledge.
- India’s luxury market has seen huge growth in the last few years due to the fact that their products in this industry have been diversified specifically for the Indian market.
- HENRYs or High Earners Not Rich Yet spend almost half as much as those who are already affluent and considering that this group is predominantly aged 25 to 34 they may easily overtake the affluents real soon. They prefer spending their money on things they can experience and things that may enhance the lifestyles they already live.
- Where women used to be in a huge majority of the users in the luxury industry, it now consists of a whopping 40% of male clients.
- The new luxury market allows for things like private jet flights and personal hotel rooms without it actually having to be bought. This is something the newer market, like HENRYs are thriving on as they prefer to pay for an experience rather than ownership.
- The reason that most luxury brands shy away from going online is the fear of losing its exclusivity. An elite status can remain just that if an online boutique showcasing only some pieces in a range is displayed just to entice users to have a closer look.